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USDCAD: bulls pull up
2023-01-31
1126
Fundamental analysis:
The U.S. dollar remained volatile around 1.33839 against the Canadian dollar, which remains one of the best-performing major currencies in recent memory, but the market has become more divided on the outlook for the Canadian dollar after the Bank of Canada hinted last week that it may end its interest rate cycle.
US dollar Canadian dollar USDCAD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level bullish momentum has risen rapidly, the market is shrouded in bullish sentiment, and the short-term bullish momentum has continued to climb upwards. The MACD indicator is in the short-term area and moves up, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Long-short turning point: 1.33761
Suppression: 1.34101, 1.34306
Support: 1.33520, 1.33315
Trading strategy: Bullish above 1.33761, target 1.34101, 1.34306
Alternative strategy: bearish below 1.33761, target 1.33520, 1.33315
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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